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Reference-Dependent Preferences and Labor Supply: The Case of New York City Taxi Drivers

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Author Info
Henry S. Farber
Abstract

I develop a model of daily labor supply where preferences are dependent on a reference daily income level, and I apply this model to data on the labor supply of New York City taxi drivers. I find that there may be a reference level of income on a given day that affects labor supply. However, there is substantial day-to-day variation in a given driver's reference level, and most shifts end before reaching the reference income level. This pattern is inconsistent with an important role for reference-dependent preferences.

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File URL: http://hdl.handle.net/10.1257/aer.98.3.1069
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File URL: http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=98&issue=3&article=21&issue_date=June2008
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Publisher Info
Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 98 (2008)
Issue (Month): 3 (June)
Pages: 1069-82
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Handle: RePEc:aea:aecrev:v:98:y:2008:i:3:p:1069-82

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  1. Abeler, Johannes & Falk, Armin & Götte, Lorenz & Huffman, David, 2009. "Reference Points and Effort Provision," CEPR Discussion Papers 7221, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  2. Johannes Rincke & Christian Traxler, 2009. "Deterrence Through Word of Mouth," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2009_04, Max Planck Institute for Research on Collective Goods. [Downloadable!]
    Other versions:
  3. Eike B. Kroll & Bodo Vogt, 2009. "The St. Petersburg Paradox despite risk-seeking preferences: An experimental study," FEMM Working Papers 09004, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management. [Downloadable!]
  4. Vincent Crawford & Juanjuan Meng, 2008. "New York City Cabdrivers' Labor Supply Revisited: Reference-Dependence Preferences with Rational-Expectations Targets for Hours and Income," University of California at San Diego, Economics Working Paper Series 2008-03, Department of Economics, UC San Diego. [Downloadable!]
    Other versions:
  5. Georgellis, Yannis & Gregoriou, Andros & Tsitsianis, Nikolaos, 2009. "Reference-dependent preferences in the public and private sectors: A nonlinear perspective," MPRA Paper 17021, University Library of Munich, Germany. [Downloadable!]
  6. Randolph Sloof & C. Mirjam van Praag, 2008. "The Effect of Noise in a Performance Measure on Work Motivation," Tinbergen Institute Discussion Papers 08-074/1, Tinbergen Institute. [Downloadable!]
  7. Nguyen, Quang & Leung, PinngSun, 2009. "Revenue Targeting in Fisheries: The Case of Hawaii Longline Fishery," MPRA Paper 17118, University Library of Munich, Germany. [Downloadable!]
  8. Nguyen, Quang & Leung, PinngSun, 2009. "Revenue Targeting in Fisheries: The Case of Hawaii Longline Fishery," MPRA Paper 13846, University Library of Munich, Germany. [Downloadable!]
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